Are Rebate Cards Right For You      
Wouldn't you like to get back some of that hard earned money you spend everyday? Well, I have been doing just that for a couple of years simply by using a credit card. Sounds too easy, right? Please note that in order for the credit card companies to pay me back, I have to first use their card by making purchases of some sort. Banks offer reward/cash rebate cards that pay you back a certain percentage of the money you spend. However, there are some steps that need to be taken to ensure that rebate cards are right for you.
 
Eight Rules for Debt-Free Living      
There are more than 1.5 million bankruptcies filed each year in this country. What is more alarming is that in the last 10 years the average credit card debt, a major cause of those bankruptcies, is up 152% and bankruptcy filings among young people between the ages of 18 and 25 have increased 96%. Robert Manning, an international expert on consumer credit and the author of "The Credit Card Nation," recently estimated that between 7% and 10% of college students drop out of school because of consumer debt issues. I founded the Credit Abuse Resistance Education (CARE) program, which makes bankruptcy professionals available nationwide to high schools and colleges in 23 states, to help students understand the advantages of avoiding credit card debt. After more than 30 years in and around the bankruptcy court, the last 13 years as a bankruptcy judge, I would like to share some insights with you. Hopefully they will help you to avoid becoming one of these statistics or suffering some of the many other increasingly severe and numerous consequences being experienced by young people who have abused credit cards. These other consequences include being turned down for student loans, admission to graduate school, jobs, apartments and car loans.
 
Will closing a credit account hurt my credit score      
Caution: Don't cut up either of your credit cards. They are helping you build your credit and closing an account never helps your credit score go up. You just need to manage your use of them and pay down the debt.
 
College Students Make the Grade With Credit      
Signing up for a credit card is entering into a serious relationship. And just like you'd get to know someone before dating them, its important to become acquainted before committing to just any credit card company that courts you. That plastic in your pocket can rapidly take on a life of its own, and when it does, the rules of relationships apply:
 
Debit or Credit      
About a year or two ago, I received a letter and a brand new ATM card from my bank. The letter bragged about the new and improved card that could now act as a debit card. So I exchanged the old card for the new one and tore up the letter before throwing it in the trash. Ever since, I have utilized the new card for--(tada!)--ATM transactions. To be honest, I didn't give the debit option a second thought. I suspect that there are many people like me who know they have an option to use a debit card, but don't take advantage of it because they have a lack of knowledge or interest, or simply are in the habit of writing checks. While checks, ATM cards, and credit cards are fairly self-explanatory, many people fail to see much difference between a credit card and a debit card. So the questions are, is there a significant difference, and is one better than the other?
 
Will a secured credit card help me build a credit history      
Unfortunately, a prepaid card will not help you build your credit. Prepaid cards are considered the same as using cash. You might consider starting at the bank or credit union where you have your checking account. They already have a relationship with you and will be eager to add services to your account. There are also thousands of credit card offers available online. I suggest you check with the major Credit Card companies and bank websites to see what if any of their offers appeal to you. The interest rates and fees they charge you will depend on your credit score, credit history and which of their programs you fit into.
 
Does canceling my credit card look bad on my credit report      
I would advise you NOT to close the Citi Card. The length of time that you have accounts open helps boost your credit score. If you cancel the Citi Card, which is your right if you choose to do so, you lose that year of good, responsible use of the card. I would urge you to call Citi and ask for a lower interest rate. They will see that you have the Chase account and may lower your interest to give you an incentive to use the card. If the high interest card has an annual fee, I would also ask that it be removed.
 
How do I raise my credit score      
It is important to make sure that all information currently reported is accurate and up to date. Be sure your debt payoffs are recorded properly. You want to put a positive light on a damaged report. You might consider adding a brief statement to each report (credit bureaus allow about 100 words), explaining what caused you to struggle. This will help those reviewing your reports in the future to better understand your situation and perhaps help them approve your credit request.
 
Can student loans affect my credit score      
Yes, having an outstanding debt load of up to $80,000 will certainly affect your ability to obtain more debt in the form of a mortgage loan. There are many other factors that will be considered, such as your income, job stability, other debts, payment history, value of the home you are seeking a loan to buy, and more. Closing accounts may or may not positively affect your credit score, depending on your total number of accounts, other debts, etc.
 
Top Money Questions Students Want Answered      
From credit cards to student loans, today's college students are forced to take a crash course in borrowing just to make it through four years of higher education. More than 60 percent take out student loans, according to the American Council for Education. Add to that the fact that more than two-thirds of today's students have a credit card, and of those 71 percent carry a balance from month to month,* and you've got some pretty widespread student debt issues. So YOUNG MONEY asked our readers what financial issues they found to be most confusing, and not surprisingly their questions centered on debt. We've answered two of those questions below.
 
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